Sad but true, a large majority of consumers kept buying from the same company for at least four years, and approximately 40% of consumers have never compared auto insurance rates at all. With the average auto insurance premium being $1,847, American drivers could cut their rates by almost $850 a year just by shopping around, but most tend to underestimate the rate savings if they swap their current policy for a cheaper one.
It takes a little time, but the best way to find more affordable Volvo V60 insurance in Honolulu is to start doing an annual price comparison from different companies that sell auto insurance in Hawaii. Rate comparisons can be done by completing these steps.
- Try to understand how insurance works and the changes you can make to lower rates. Many rating factors that result in higher rates like accidents, careless driving, and a bad credit score can be amended by making minor changes to your lifestyle.
- Obtain price quotes from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only quote rates from one company like GEICO or Allstate, while independent agents can give you price quotes from multiple insurance companies.
- Compare the new quotes to your current policy premium to see if cheaper V60 coverage is available in Honolulu. If you can save money and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
One piece of advice is that you use identical coverage information on every quote request and and to look at as many companies as possible. Doing this ensures the most accurate price comparison and many rates to choose from.
Smart Choices Result in Lower Insurance Rates
It’s important that you understand some of the elements that help calculate the price you pay for insurance. If you understand what controls the rates you pay, this enables you to make decisions that can help you get big savings.
Shown below are some of the most rate-impacting factors utilized by car insurance companies to help set rates.
Your stress level may be raising your rates – Did you know your job can affect your rates? Jobs such as military personnel, architects, and financial analysts generally have higher average rates because of high stress and extremely grueling work hours. Conversely, careers like scientists, students and retirees have lower than average premiums.
High credit means lower costs – Having a bad credit history factor in determining what you pay for insurance. Therefore, if your credit can use some improvement, you could pay less to insure your Volvo V60 by improving your rating. Insureds that have very good credit scores tend to file fewer claims than those with lower credit scores.
What type of car do you drive? – The performance level of the car you are buying insurance for makes a substantial difference in your car insurance bill. The most favorable rates are usually for lower performance four cylinder passenger cars, but that’s not the only thing that factors into the final price.
Qualify for multi-policy discounts – The majority of insurance companies provide a discount to people that buy multiple policies in the form of a multi-policy discount. Even if you already get this discount, consumers should still check prices from other companies to guarantee you are still saving the most. It’s possible to still save even more than the discount even if you insure with multiple companies
City traffic equals higher costs – Choosing to live in smaller towns and rural areas of the country has definite advantages if you are looking for the lowest rates. People who live in big cities have congested traffic and more severe claims. Less people corresponds to lower accident rates as well as less vandalism and auto theft.
Better insurance rates with anti-theft devices – Choosing a vehicle with anti-theft technology or alarm system can help bring down rates. Anti-theft features such as OnStar, LoJack tracking, and tamper alarms help track and prevent your vehicle from being stolen.
Drive fewer miles and save – The more miles you rack up on your Volvo annually the more it will cost to insure it. A lot of insurance companies rate vehicles based on their usage. Vehicles that are left in the garage get more affordable rates than those used for commuting. Having an incorrect usage rating on your V60 is just wasting money. Make sure your insurance coverage shows annual mileage.
Don’t skimp on liability protection – A critical coverage on your policy, liability insurance is the protection in the event that you are ruled to be at fault for damages from an accident. Your liability coverage provides for a legal defense which can cost thousands of dollars. Carrying liability coverage is mandatory and cheap compared to physical damage coverage, so buy as much as you can afford.
Volvo V60 insurance loss probability – Companies analyze claim trends for every vehicle to help set a rate to offset losses. Models that tend to have higher loss trends will have a higher cost to insure. The next table illustrates the historical insurance loss data for Volvo V60 vehicles.
For each type of coverage, the statistical loss for all vehicles compiled together is represented as 100. Values that are under 100 are indicative of better than average losses, while values that are 100 or greater show a trend for more claims or an increased probability of a larger loss.
|Specific Volvo Model||Collision||Property Damage||Comp||Personal Injury||Medical Payment||Bodily Injury|
|Volvo V60 2WD||68||53|
|Volvo V60 4WD||136||75|
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
Cheap insurance rates are possible
Throughout this article, we presented some good ideas how you can find cheap Volvo V60 insurance in Honolulu. It’s most important to understand that the more price quotes you have, the higher your chance of finding affordable Volvo V60 insurance quotes. Consumers may even find the lowest rates come from a lesser-known regional company.
Insureds leave their current company for a number of reasons such as being labeled a high risk driver, denial of a claim, delays in paying claims and policy non-renewal. No matter why you want to switch, switching insurance companies can be easier than you think.
There are still a few companies who may not provide internet price quotes and most of the time these smaller companies sell through local independent agents. The cheapest Volvo V60 insurance in Honolulu can be bought both online and from local insurance agents, so you should compare both in order to have the best chance of saving money.
Much more information about insurance in Hawaii can be found below:
- Where can I buy Insurance? (Insurance Information Institute)
- How Much are Auto Insurance Quotes for Drivers Under 21 in Honolulu? (FAQ)
- Who Has Cheap Auto Insurance for a Nissan Altima in Honolulu? (FAQ)
- Reducing Your Risks in a Car Crash Video (iihs.org)
- State Laws for Cellphones and Texting (iihs.org)
- All About Airbag Safety (State Farm)